UK-based Beckley Psytech has successfully completed an oversubscribed Series B financing round, raising £58m ($80m) from venture capital (VC) investors to fund its research programmes on the novel application of psychedelic medicines for neurological and psychiatric disorders.
The Series B financing was initially set at $50m and increased to $80m, which Berkley attributes to “overwhelming interest” from investors looking to support the company in broadening and accelerating the clinical development of its research pipeline.
Beckley Psytech will use the funding to complete the ongoing Phase Ib trial with low-dose psilocybin in patients suffering from SUNHA, a rare headache condition estimated to affect 45,000 people in the US and Europe.
The proceeds will also be used to launch a Phase I dose-ranging study on a novel formulation of intranasal 5-MeO-DMT, before starting a Phase II trial in treatment resistant depression.
The financing round was led by Integrated, a healthcare focused VC. The science-focused investor consortium also included Prime Movers Labs, which funds breakthrough scientific startups; Adage Capital Management LP, a Boston, US-based institutional investor; Palo Santo; Delphi VC; Leafy Tunnel; Negev Capital and existing investor Bicycle Day Ventures.
Cosmo Feilding Mellen, chief executive officer of Beckley Psytech, said: “The progress Beckley Psytech has made in attracting exceptional talent to the team and advancing our ambitious clinical development programmes over the past two years has been tremendously exciting.
“As we embark on our next phase of growth, our strong syndicate of expert investors will support us in bringing much-needed innovative treatments to patients suffering from neurological and psychiatric conditions,” he added.
